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Unit of Account A succinct definition of Unit of Account Unit of AccountLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYUNIT OF ACCOUNTCopy linkShare on TwitterShare on FacebookShare on LinkedinUnit of AccountIn traditional financial (TradFi) systems, national currencies like the US dollar or euro serve as units of account. In the context of cryptocurrencies, a unit of account refers to the function of a digital currency to serve as a standardised measure of value for goods, ser…
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Permissionless A succinct definition of Permissionless PermissionlessLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPERMISSIONLESSCopy linkShare on TwitterShare on FacebookShare on LinkedinPermissionlessA permissionless system is one that has no apparent ‘gatekeepers’, meaning there isn’t something or someone able to stop any particular person or thing from using it or limiting access to it. For example, Bitcoin is permissionless because anyone can use its features.In the…
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Ciphertext A succinct definition of Ciphertext CiphertextLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCIPHERTEXTCopy linkShare on TwitterShare on FacebookShare on LinkedinCiphertextCiphertext consists of a string of randomised characters that are the encrypted version of a text. It contains the same information as a message in plaintext, but is unreadable by a human or computer without a decryption algorithm. Ciphertext is commonly applied to protect the original message from…
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Parachain A succinct definition of Parachain ParachainLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPARACHAINCopy linkShare on TwitterShare on FacebookShare on LinkedinParachainUsed specifically for applications, parachains are individual blockchains that utilise Substrate technology, which has Web3 functionality and a framework for making blockchains.Parachains run parallel with one another on the Polkadot or Kusama networks, as Kusama functions as a testing ground for Polkad…
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OCO Order A succinct definition of OCO Order OCO OrderLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYOCO ORDERCopy linkShare on TwitterShare on FacebookShare on LinkedinOCO OrderAn OCO order, short for one-cancels-the-other, is a type of advanced order commonly used in cryptocurrency trading where traders set two orders simultaneously (often a limit order and a stop order), with the idea that if one of the orders gets executed, the other order is automatically canceled.OCO orde…
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Lightning Network A succinct definition of Lightning Network Lightning NetworkLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYLIGHTNING NETWORKCopy linkShare on TwitterShare on FacebookShare on LinkedinLightning NetworkThe Lightning Network is built on top of Bitcoin, acting as a Layer-2 protocol that aims to improve Bitcoin’s scalability and transaction speed. A major feature of how the Lightning Network facilitates this is by taking transactions off-chain to process them ins…
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Digital Asset A succinct definition of Digital Asset Digital AssetLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYDIGITAL ASSETCopy linkShare on TwitterShare on FacebookShare on LinkedinDigital AssetA digital asset is any form of electronic data that has economic value and can be owned or controlled by an individual or organisation. These include cryptocurrencies, securities, tokens, art and collectibles, data, and intellectual property.Digital currencies like Bitcoin, Ethereum,…
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Multi-Signature Authentication A succinct definition of Multi-Signature Authentication Multi-Signature AuthenticationLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYMULTI-SIGNATURE AUTHENTICATIONCopy linkShare on TwitterShare on FacebookShare on LinkedinMulti-Signature AuthenticationMulti-signature authentication (often referred to as multisig in cryptocurrency and blockchain) is a security feature that requires multiple private keys to authorise a transaction. Instead of relyin…
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Centralised Exchange (CEX) A succinct definition of Centralised Exchange (CEX) Centralised Exchange (CEX)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCENTRALISED EXCHANGE (CEX)Copy linkShare on TwitterShare on FacebookShare on LinkedinCentralised Exchange (CEX)A centralised exchange (CEX) is an organisation that facilitates the exchange of cryptocurrency assets. It is owned and run by a central authority figure or company in a centralised manner.Centralised exchanges typicall…
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DevP2P A succinct definition of DevP2P DevP2PLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYDEVP2PCopy linkShare on TwitterShare on FacebookShare on LinkedinDevP2PDevP2P, short for Developer Peer-to-Peer, is used in cryptocurrency and blockchain technology, specifically designed to facilitate peer-to-peer (P2P) communication amongst nodes (computers) in a decentralised network.One of the primary functions of DevP2P is node discovery. Nodes use DevP2P to find and connect to othe…
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